The owner of Bolton Wanderers Football Club says there is 'little or no choice' other than for the club to be placed into administration.
Ken Anderson's statement was published on the club's website this morning ahead of Wanderers appearing at the High Court to face a winding-up order over unpaid debts.
Mr Anderson said 'any likelihood of finding any resolution' at the hearing was 'not possible'.
Judge Clive Jones went on to adjourn an application to wind up the club at the Insolvency and Companies Court hearing in London.
The judge was told the club owe the taxman more than £1 million and said the case would be reconsidered on May 22.
A lawyer representing HM Revenue and Customs said Wanderers had given notice of an intention to appoint an administrator.
The judge then said he would adjourn to see if an administrator was appointed.
The famous, 145-year-old club, which tasted recent glory years under Sam Allardyce, had hoped to complete a takeover deal with Laurence Bassini, but the former Watford owner has 'failed to provide any adequate and acceptable proof of current and future funding' to the English Football League, chairman Mr Anderson said.
The Whites, founder members of the Football League, were originally formed in 1874 and have won four FA Cups.
In a staggering culmination to a turbulent season on and off the pitch, Wanderers' Championship match on April 27 against Brentford was postponed after the first team squad boycotted the fixture.
It came as a result of players and non-playing staff having not been paid their wages for March or April.
The fixture was eventually scrapped, with three points awarded to Brentford and Bolton deemed to be guilty of misconduct.
And earlier last month, safety officials slapped a prohibition notice on the club's University of Bolton Stadium, previously known as the Reebok Stadium.
It had been issued over concerns Wanderers wouldn't be able to meet the legal conditions of its ground's safety certificate, but was later lifted after assurances were given.
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Already relegated to League One, Bolton fulfilled the last game of the season, losing 1-0 away to Nottingham Forest.
Mr Anderson, in his statement, said it was 'a mistake' to have 'entertained an approach' from Mr Bassini.
He said: "Regrettably his continued time wasting and empty promises have caused a great deal of heartache and frustration for the staff and supporters alike and now leave the Eddie Davies Trust and I with little or no choice other than for one of us to place the businesses into administration, as any likelihood of finding any resolution the High Court hearing not possible.
"This had been a massive disappointment to me as I understand the serious implications administration will bring to the businesses.
"But I have been left with no alternative, as this course of action will preserve the football club and all of its proud history."
Wanderers were granted a stay of execution by the High Court last month.
The club faced a winding-up petition on April 3 over an unpaid tax bill but the case was adjourned until May 8 - today - to allow the proposed sale of the club to proceed.
It was the sixth time in the last 18 months that Bolton have faced a winding-up order.
The latest one was issued in February by HMRC over debts of £1.2million.
Bolton were not represented at today's hearing.
